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LIFE INSURANCE ACT 1995 - SECT 16A

Overview

             (1)  The concept of a friendly society is defined for the purposes of this Act in section 16C.

             (2)  A friendly society will be a life company if it carries on life insurance business in Australia.

             (3)  In working out whether a friendly society does carry on life insurance business (within the meaning of section 11), the effect of Division 3 must be taken into account. The effect of any relevant declarations under section 12A or 12B must also be taken into account.

             (4)  This Act applies to life companies that are friendly societies subject to:

                     (a)  the modified operation of key concepts set out in Division 3; and

                     (b)  the modifications relating to statutory funds set out in Division 4; and

                     (c)  any other modifications set out in Division 5 or in regulations for the purposes of section 16ZC.

             (5)  In addition to the modifications set out in this Part and in regulations for the purposes of section 16ZC, this Act includes some other special provisions in relation to friendly societies. See in particular various provisions in Division 2 of Part 8 about winding up of friendly societies.

             (6)  Unless a contrary intention appears, a reference in this Act to a particular provision of this Act also includes, if that provision has been modified as mentioned in subsection (4), a reference to that provision as so modified.

Note:          So, for example, if a provision referred to in subsection 7A(1) has been modified, a determination under that section may be made in relation to the provision as so modified.



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